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Alan Green presents the investment case for Panther Metals #PALM & Tertiary Minerals #TYM on StockBox Research Talks

Alan Green presents the investment case for Panther Metals #PALM & Tertiary Minerals #TYM on his weekly StockBox Research Talk

Tertiary Minerals #TYM – Director Dealing, Issue of Equity and Total Voting Rights

Tertiary Minerals plc, the AIM traded company building a multi-commodity project portfolio announces that pursuant to terms agreed on 30 April 2014 and further to the RNS dated 20 August 2014, a non-executive director of the Company will be receiving settlement of a portion of his outstanding fees in ordinary shares of 0.01 pence each in the Company (“Ordinary Shares”), on a six-monthly ongoing basis calculated with reference to the closing mid-market price on the trading day prior to the issue of the Ordinary Shares.

On 31 July 2020, the Company resolved to issue a total of 587,722 Ordinary Shares to Donald McAlister for the six-month period ended 30 June 2020.

These Ordinary Shares were issued at a price of 0.230 pence per share, being the closing mid-market price on 30 July 2020.

The following table shows the number of Ordinary Shares issued to Donald McAlister together with his total holdings following the issue of the Ordinary Shares:

 

Director

Number of Ordinary Shares issued

Price of Ordinary Shares issued

Interest in total number of Ordinary Shares following Admission

% of Company’s issued share capital following Admission

Donald McAlister

587,722

0.230 pence

2,937,609

0.353%

Application has been made to the London Stock Exchange for 587,722 Ordinary   Shares to be admitted to trading on AIM (“Admission”), and it is expected that Admission will occur at 8:00a.m. on or around 6 August 2020.

Total Voting Rights

In accordance with Financial Conduct Authority’s Disclosure and Transparency Rules (“DTRs”), the total issued share capital as at today’s date is 831,058,315. Following the issue and Admission of the ordinary shares to Donald McAlister, the total issued share capital of the Company with voting rights will be 831,646,037 ordinary shares.

There are no shares currently held in treasury. The total number of voting rights in the Company will therefore be 831,646,037 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the DTRS. 

Market Abuse Regulation

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation , provides further detail on the issue of ordinary shares to a director .

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM.

1. 

Details of the person discharging managerial responsibilities/person closely associated

a)

Name: 

Donald McAlister

2. 

Reason for the notification

a)

Position/status:

Non-Executive Director

b)

Initial notification/Amendment:

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name:

Tertiary Minerals plc

b)

LEI:   

213800OT9C6DQN9VO543

4. 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Ordinary shares of 0.01p each

 
GB0008854563

b)

Nature of the transaction:

Issue of new ordinary shares in lieu of fees

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

0.230 pence

587,722

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.230 pence

587,722

 

e)

Date of the transaction:

31 July 2020

10:30 UTC

f)

Place of the transaction:

Outside a trading venue

 

Tertiary Minerals plc:

Patrick Cheetham, Chairman

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Caroline Rowe

Peterhouse Capital Limited

Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

Notes to Editors

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.

Alan Green talks Barclays #BARC, StageCoach #SGC, Tertiary Minerals #TYM & Catenae Innovation #CTEA on UK Investor Mag podcast

Alan Green discusses Barclays #BARC, StageCoach #SGC, Tertiary Minerals #TYM & Catenae Innovation #CTEA on the UK Investor Magazine podcast

Tertiary Minerals #TYM – Mt Tobin Preliminary Sampling Update

Further to its announcement of 20 July 2020, Tertiary Minerals plc is pleased to provide the analytical results from preliminary reconnaissance sampling at the Company’s Mt Tobin Silver Prospect in Nevada, USA.

Mt Tobin Silver Prospect  

Ø Main target – large area of hydrothermal alteration 60m wide x 1,200m long with associated silver geochemical anomaly recorded by previous explorer.

Ø Preliminary rock samples taken from prospector’s hand dug pits have returned silver values of up to 101 grammes/tonne (g/t) silver (3.12 ounces/ton) with several other samples returning between 15 and 91g/t silver.

Ø These and other anomalous results were returned over a 450m strike length sampled to date.

Ø Mineralisation is open to north and south, structurally controlled and spatially related to dyke intrusion.

Ø Further mapping, sampling and soil sampling is planned to better define the widths and strike extent of mineralisation in this poorly exposed area. 

A plan showing the location and distribution of the reconnaissance sampling results is available on the Company’s website at:https://www.tertiaryminerals.com/projects/other-projects/mt-tobin

Commenting today, Executive Chairman Patrick Cheetham said:

“These are very pleasing results from initial reconnaissance work at Mt Tobin and we look forward to increasing the pace of exploration on this and other precious metal projects in our Nevada portfolio this summer and autumn. It’s an interesting time for silver with the silver price up 80% in the past 18 weeks and arguably showing more leverage than the gold price in the current market conditions.” 

For more information please contact:

Tertiary Minerals plc:

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679        

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Caroline Rowe

Peterhouse Capital Limited

Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

Notes:

1.   The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.

 

2.   The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

 

Note to Editors:

 

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.

Alan Green talks Power Metal Resources #POW, Tertiary Minerals #TYM, Blencowe Resources #BRES & Venture Life #VLG on the Vox Markets podcast

Alan Green discusses Power Metal Resources #POW, Tertiary Minerals #TYM, Blencowe Resources #BRES & Venture Life #VLG with Justin Waite on the Vox Markets podcast. Also discussed, Synairgen #SYN

Tertiary Minerals #TYM – Nevada Exploration Project Updates

Tertiary Minerals plc is pleased to provide the following update on the progress of its exploration projects in Nevada, USA.

 

Highlights:

Paymaster Zinc-Silver Project

Ø  Main target – skarn style zinc-silver mineralisation analogous to large Taylor Zinc-Lead-Silver Deposit in Arizona owned by South 32.

Ø  Report and analytical results received for mapping and sampling programme.

Ø  Valley Prospect skarn zone mapped over a 240m strike length with additional samples grading up to 8.45% combined lead-zinc-copper and 200 grammes/tonne (g/t) silver.

Ø  Large alteration area identified with copper up to 2.16% in narrow quartz veins in new target area – presents additional drill target.

Ø  Drone magnetic survey and soil sampling planned to refine drill targets.

Pyramid Gold Project

Ø  Review of drill results ongoing.

Ø  Additional core samples taken; analytical results awaited.

Ø  Soil sampling programme planned.

Peg Leg Copper-Silver-Lead-Zinc Project

Ø  Main target – exposed skarn copper-silver mineralisation in limestone adjacent to granite contact.

Ø  Notice Level Permit approved and bonded for a programme of trenching.

Ø  Trenching scheduled for August to better expose outcropping mineralisation assaying 59 g/t silver 1.4% copper, 2.4% lead and 1.8% zinc.

Mt Tobin Silver Prospect

Ø  Main target – large area of hydrothermal alteration 60m wide x 1,200m long with associated silver geochemical anomaly recorded by previous explorer.

Ø  Preliminary field evaluation and sampling completed; analytical results awaited.

Lucky Copper Prospect

Ø  Main target –  sediment hosted, intrusion related disseminated copper deposit.

Ø  Preliminary field evaluation and sampling completed; analytical results awaited.

Ø  1951 drill hole relocated – ended in mineralisation and intersected 20.4m at 0.65% copper to bottom of the hole at 77.7m depth.

Ø  Soil sampling and drone magnetic survey provisionally planned to define drill targets.

MB Fluorspar Project

Ø  Metallurgical test work programme now completed.

Ø  Results show improved recoveries and grades but failed to produce acid-grade fluorspar concentrate.

Ø  Project review to be carried out to determine the future direction for MB Project.

Commenting today, Executive Chairman Patrick Cheetham said:

“I am pleased to be reporting progress on our base and precious metal project portfolios in Nevada. As we move forward with more substantive and exciting exploration programmes, drilling activities are anticipated on a number of our Nevada projects during this summer and autumn”

For more information please contact:

Tertiary Minerals plc:
Patrick Cheetham, Executive Chairman +44 (0) 1625 838 679
SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison +44 (0) 203 470 0470
Caroline Rowe
Peterhouse Capital Limited

Joint Broker

Lucy Williams + 44 (0) 207 469 0930
Duncan Vasey

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Detailed Information

Paymaster Zinc-Silver Project

The target at Paymaster is a skarn hosted zinc-silver deposit .

A mapping and sampling programme has been completed by a specialist consulting geologist, Brian Bond, experienced in the exploration of this style for mineralisation and his report and analytical results have now been received.

Attention focused on the Valley Prospect which has previously returned grab samples up to      11.73% combined lead, zinc and copper and 180 g/t silver. The skarn outcrops intermittently over a 230m strike length and additional samples have assayed up to 4.23% lead, 3.88% zinc and 0.34% zinc and 200g/t silver.

At the East Slope Prospect, the Company’s wide spaced soil sampling defined a coherent  zinc anomaly over 500m long (+100ppm zinc) where samples from prospecting pits have assayed up to 21% zinc. Mapping shows this area to have little outcrop so an infill soil sampling programme will be carried out.

Skarn mineralisation at Paymaster occurs in limestone of the Poleta Formation and in the south-eastern part of the claim block this is structurally overlain by phyllite schist at a thrust fault contact. The phyllite in this area is hydrothermally altered over and large area and contains narrow quartz veins containing up to 2.2% copper. Similar quartz veins are associated with the skarn elsewhere on the project and the consultant geologist has recommended this as a drill target to test for skarn mineralisation below the zone of alteration and pooled beneath an impermeable thrust contact.

The skarn mineralised material at Pyramid is magnetic and so a drone magnetic survey is planned to assist in the siting of drill holes.

The Company’s consultant geologist for Paymaster has drawn analogies to the Taylor Zinc-Silver Deposit owned by South 32 at Hermosa, in the neighbouring state of Arizona (reported resource of 155mt grading 3.5% zinc, 3.67% lead and 69g/t silver).

Pyramid  Gold Project

The Pyramid Gold Project is targeting epithermal gold mineralisation in the prolific past producing Walker Lane Mineral Belt.

Further to the Company’s announcement of 14 May 2020 the Company has now completed a second round of sampling on the drill core from its recent test hole. Analytical results are awaited.

A programme of follow up soil sampling is planned for the project to determine the extent of an open-ended gold and multi-element soil anomaly originally defined in the 1980s and to define additional drill targets.

Peg Leg Copper-Silver-Lead-Zinc Project

The Company holds  4 mining claims 11km north of Tonopah in the San Antone Mineral Field in south central Nevada. The background to this project and the following projects is given in the Company’s news release dated 29 May 2020.

The Company’s Notice level permit application for a programme of trenching has now been accepted and bonded with the Bureau of Land Management.

The permit covers 160m of trenching in four trenches to test various targets including an outcrop of mineralisation exposed adjacent to the granite contact which assayed 59 grammes/tonne (g/t)  silver 1.4% copper, 2.4% lead and 1.8% zinc. The objective of the trenching is to test the thickness of this outcropping mineralisation as it is  largely obscured by scree and old mine waste. The waste pile from a nearby shallow mine shaft contains selected material assaying up to 181 g/t silver, 3.9% copper, 10.1% lead and 1.2% zinc.

The trenching programme is planned to take place in August and is a cheap first alternative to drilling when mineralisation is seen at surface.

Mt Tobin Silver-Gold Prospect

This project comprises 4 newly staked claims located 73km south of Winnemucca in north central Nevada.

A preliminary programme of field evaluation has now been completed by a Nevada based consulting geologist, Ivan Johnston,  targeting a zone of stratiform alteration and mineralisation in chert and silicified sediments over a thickness of 45-60m thick and a strike length of 1,200m. This zone was reportedly defined by outcrops and a significant silver-lead-zinc geochemical anomaly in exploration carried out in the 1980s.

Various rock samples have been collected for analysis and soil samples taken on a pilot traverse.

Analytical results are awaited.

Lucky Copper Prospect

The Company holds 13 claims on the east side of the old Aurum mining centre, 96km northeast of the major porphyry copper mining town of Ely in north-east Nevada.

The target is a disseminated sediment hosted, intrusion-related copper deposit where, in 1951, a shallow churn (percussion) dill hole intersected copper mineralised limestone and porphyry beneath alluvium on the range front pediment slope. The 20.4m thickness of this sequence assayed 0.65% copper to the bottom of the hole at 77.7m depth. The hole ended in mineralisation.

A preliminary field evaluation and sampling programme has been carried out by Alan Morris, a senior consulting geologist. Analytical results are awaited, and the Company is now  planning a follow up soil sampling programme and a drone magnetic survey to help define drill targets. 

MB Fluorspar Project.

The MB Fluorspar Project contains a large resource of low-grade fluorspar mineralisation. As previously reported, the mineralisation presents metallurgical challenges in producing acid grade fluorspar.

A further programme of test work has been carried out over the past few months aimed at improving concentrate grade and recoveries. Whilst improvements were made, this test work has not yet produced acid grade fluorspar or high fluorspar recoveries.

The Company will now undertake a review of the future for this project and the lease agreement under which the project is held.

Notes:

  1. The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy. 
  2. The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

Note to Editors:

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.

Alan Green talks Moderna $MRNA, Open Orphan #ORPH, Tertiary Minerals #TYM & Versarien #VRS on UK Investor Mag podcast

Alan Green discusses Moderna $MRNA, Open Orphan #ORPH, Tertiary Minerals #TYM & Versarien #VRS with Jonathan Roy on the UK Investor Mag podcast.

Tertiary Minerals #TYM – Issue of Equity

The Company announces that Precious Metal Capital Group LLC (“PMCG”), the subscriber under the share subscription deed details of which were announced on 2 April 2020, has requested that the Company issue 38,888,889 ordinary shares (the “Shares”) to PMCG. The purchase price of the Shares (being 0.18 pence per share or an aggregate of £70,000) had been prepaid by PMCG as part of its lumpsum investment of £600,000 in the Company, announced on 2 April 2020 and made by PMCG on 7 April 2020. Shares in relation to £420,000 of that investment remain to be issued.

Application has therefore been made for the 38,888,889 ordinary shares to be admitted to trading on AIM with admission expected to take place on 8 July 2020. These ordinary shares will rank pari passu in all respects with all existing ordinary shares in the Company. 

Following admission of the Shares, the Company’s enlarged issued share capital will comprise 831,058,315 ordinary shares with voting rights. This figure of 831,058,315 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Disclosure Rules and Transparency Rules of the United Kingdom Financial Conduct Authority.

For more information please contact:

Tertiary Minerals plc:

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679 

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Caroline Rowe

Peterhouse Capital Limited

Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

About Tertiary Minerals plc

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration company building and developing a multi-commodity project portfolio – Industrial minerals, base and precious metals.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Alan Green talks to Patrick Cheetham, Executive Chairman at Tertiary Minerals #TYM

Alan Green talks to Patrick Cheetham, Executive Chairman at Tertiary Minerals #TYM. Patrick discusses the latest developments at Pyramid Gold and Paymaster Polymetallic projects, plus the newly acquired Peg Leg, Mount Tobin & Lucky Copper ventures. We also discuss Tertiary’s three fluorspar projects, the agreement with commodities giant Possehl, Aurion royalty agreements, and the strong cash position vs. current tiny market cap.

Tertiary Minerals #TYM – Half-Yearly Report 2020

Tertiary Minerals plc, the AIM-traded company building a multi-commodity project portfolio, announces its unaudited interim results for the six months ended 31 March 2020.

OPERATIONAL SUMMARY:

Pyramid Gold Project, Nevada, USA

· The Company’s first drill hole on the project was successfully completed ahead of schedule and drilled to a total depth of 137m

· Intersection of 0.55m grading 2.01 g/t Au from 82.6m down hole, confirming that the target zone is gold-mineralised

· Further planned exploration work: Soil sampling to fully delineate the gold, silver and multi-element soil geochemical anomaly and to define further drill targets

Paymaster Polymetallic Project, Nevada, USA

· A US based consulting geologist with a background in the evaluation of skarn deposits has now completed an extensive programme of mapping and sampling and to help define potential drilling

New Project Acquisitions

· Three new projects acquired by low costs claim staking – Peg Leg, Mt Tobin and Lucky

MB Fluorspar Project, Nevada, USA

· Following the recent fundraisings, the Company has re-commenced the Scoping Study level metallurgical testwork at SGS Lakefield in Canada

Storuman Fluorspar Project, Sweden

· The Mine Permit appeal process is ongoing with the Swedish Government with no commitment to a decision timeframe.

Kaaresselkä and Kiekerömaa Gold Projects, Finland

· The Company retains pre-production and net smelter royalty interest in two gold projects owned by Aurion Resources

· Aurion is a Canadian listed exploration company with primary focus on the development of its Finnish gold projects, several of which are under joint venture with B2Gold. Kinross Gold Corporation is a significant shareholder of Aurion

Strategic Relationship with Possehl Erzkontor GmbH & Co. KG

· The Company signed a fluorspar marketing Memorandum of Understanding (MOU) in 2017 with leading global commodities trading group, Possehl Erzkontor GmbH & Co. KG (“Possehl”), a wholly owned subsidiary of CREMER

· The MOU remains in place with Possehl

FINANCIAL SUMMARY FOR THE SIX MONTHS ENDING 31 MARCH 2020:

· Operating Loss of £278,934 comprises:

o  Revenue of £94,691; less Administration costs of £352,914 (which includes non-cash share-based payments of £25,224); and

o  Pre-licence and reconnaissance exploration costs totalling £20,711

o  Total Group Loss of £278,780 is after crediting Interest income of £154

· Project expenditure of £43,513 was capitalised during the quarter.

Funding and Cash Position:

· The Company has completed two fundraisings in the period with Bergen Global Opportunity Fund, LP (Bergen) and through Peterhouse Capital Limited

· The closing cash (and cash equivalent) position at the end of the period was £407,807

· Since the period end, a subsequent lump sum investment of £600,000 was made by Precious Metals Capital Group LLC on 7 April 2020, further strengthening the Company’s cash position (circa £800,000 on 26 May 2020) during the current challenging times as well as enabling the Company to progress its planned exploration on its Paymaster Polymetallic and Pyramid Gold Projects in Nevada.

About Tertiary Minerals plc

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration company building and developing a multi-commodity project portfolio – Industrial minerals, base and precious metals.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For more information please contact:

Enquiries

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

Richard Clemmey, Managing Director

 

 

 

+44 (0)1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Richard Morrison/Caroline Rowe

 

 

+44 (0) 20 3470 0470

Peterhouse Capital Limited

Joint Broker

Lucy Williams/Duncan Vasey

+44 (0) 207 469 0930

 

Chairman’s Statement

I am pleased to present our Interim Report for the six-month period ended 31 March 2020.

During this reporting period we have seen a significant improvement in market sentiment for junior mining companies, particularly in relation to precious metals, which has allowed us to improve our financial position and to kick-start work on a number of our existing projects.  Much of this activity has taken place since the period end and has focused on our projects in Nevada, USA.

At Pyramid, the Company is targeting high-grade epithermal style gold mineralisation. An initial drill hole designed to confirm a high-grade gold intersection made by a previous explorer demonstrated the target zone to be gold bearing but did not deliver the same high-grade results. The target zone is defined by an extensive gold-in-soil anomaly and widespread gold bearing surface samples and warrants further work over the next few months.

Mineral exploration is high risk and the process of discovery is not linear but high rewards can come from successful discoveries.  Recent mapping and sampling at our Paymaster Zinc-Silver Skarn Project by a specialist consulting geologist has confirmed a large-scale target for zinc skarn mineralisation and drawn analogies with the setting and style of the large Taylor Zinc discovery, in the neighbouring state Arizona, now owned by South 32 after the $2 billion takeover of Arizona Mining in 2018. We are now awaiting the report and recommendations for further work.

We seek to spread the risk of mineral exploration and increase our chance of discovery through a portfolio-based approach. In line with this strategy we are steadily re-building our portfolio of projects with a continuing focus on Nevada. We have recently staked additional ground on three new projects targeting precious and base metal deposits – the Peg Leg, Mt Tobin and Lucky Projects. In each case the projects have been acquired at low cost by staking claims and they share the characteristics that they can be evaluated with low cost programmes initially and brought to the drill stage relatively quickly. Programmes are being designed and permitted and will be executed over the coming months.

At our large MB Fluorspar Project in Nevada we have commenced a programme of scoping level metallurgical testwork at SGS Lakefield in Canada aimed at improving recoveries and concentrate grade for fluorspar mineralisation in the Central Zone of the deposit. To date, this has been problematic and a breakthrough is needed if the potential of this large low-grade resource is to be realised.

There is nothing substantive to report on our Storuman Fluorspar Project in Sweden, where the mine permit appeal process is ongoing with the Swedish Government, or on our Lassedalen Fluorspar Project in Norway which is a low priority for further work.

The Company’s financial results for the half-year are in line with expectations and reflect the Company’s project and administration expenditures. The financial markets have shown remarkable resilience in the face of the Covid-19 pandemic and this has allowed us to continue funding our activities and improve the Company’s financial position at the year end through a £600,000 fundraising with US Precious Metals Capital Group in April 2020.

The mining industry in Nevada has continued to operate as an essential industry and our programmes have so far been unaffected. Our staff continue to work effectively from home. The future of this pandemic is, however, unpredictable and has potential to affect our operations and the markets in which we operate in the future.  We will continue to operate in line with World Health Organisation and Governments’ advice and to manage our expenditure prudently.

I would like to thank all of our employees and directors for their hard work during the reporting period and to wish Richard Clemmey well as he leaves the Company at the end of June to return to employment in the UK quarrying industry. I will continue to act in an executive capacity until the time is right to make a new executive director appointment.

Patrick L Cheetham

Executive Chairman

29 May 2020

Link here for detailed account information

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